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S&P raises Weichai Power
S&P said it raised Weichai Power Co. Ltd.’s issuer rating to BBB+ from BBB and the rating on the senior unsecured perpetual notes it guarantees to BBB from BBB-.
“The upgrade reflects Weichai's improving business strengths and ample financial buffer, which should offset potential industry volatility and support business growth in 2021-2022.We estimate Weichai's turnover would increase 10%-15% in 2021, with further slight growth in 2022. This is despite our anticipation that the heavy-duty truck (HDT) market in China, Weichai's key end market, will enter a downcycle from the second half of 2021,” S&P said in a press release.
The agency said it forecasts Weichai’s market share to rise to about 35% in 2021 with further upside in 2022, from around 27% in 2020.
The outlook is stable.
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